Industry Update
Press Release29 January 2021

Miami Short-Term Rentals Outperformed In December

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HENDERSONVILLE, Tennessee - Miami's short-term rental sector posted its best overall performance since the beginning of the pandemic, according to December 2020 data from STR. Miami short-term rentals, along with those in Nashville and Pennsylvania, reported occupancy levels higher than hotels in their respective markets.

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Building on STR's world-leading hotel performance database, Miami, Nashville and Philadelphia are the first three U.S. markets where the company has expanded its benchmarking offerings via a pilot study. Included in STR's short-term rental sample are both multifamily and single-family short-term rentals.

December 2020 short-term rental performance, percentage change from November

Miami

  • Occupancy: 83.2% (+1.5%)
  • ADR: US$155.80 (+28.4%)
  • RevPAR: US$129.61 (+30.3%)

Miami short-term rental occupancy came in above 83.0% for the third month in a row. The ADR and RevPAR were the market's highest since March. For comparison, December occupancy for Miami hotels came in at 48.8%.

Nashville

  • Occupancy: 48.8% (-18.8%)
  • ADR: US$109.59 (-4.2%)
  • RevPAR: US$53.46 (-22.2%)

Nashville's short-term rental occupancy was its lowest since May, but still well above hotel occupancy in the market (34.3%).

Philadelphia

  • Occupancy: 47.2% (-25.1%)
  • Average daily rate (ADR): US$162.04 (-4.7%)
  • Revenue per available room (RevPAR): US$76.42 (-28.6%)

Philadelphia's absolute ADR and RevPAR levels were its lowest since June, while occupancy came in lower than any month since July. The market's hotel industry recorded a 33.6% occupancy level for December.

About STR

STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.

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